Which component is NOT involved in the yield capitalization process?

Yield capitalization is a method used to derive the present value of a property based on its future benefits, specifically income. This approach focuses on estimating the projected net income of a property and determining the expected yield rate, which represents the investor's required return on investment.

The discounted value of future benefits plays a crucial role in yield capitalization as it involves calculating the present value of future cash flows generated by the property. The expected yield rate is essential because it is used to discount those future income streams back to their present value.

While the initial acquisition cost of the property is important in assessing overall investment and financial performance, it does not directly factor into the yield capitalization process, which emphasizes future income generation and the rate of return anticipated by investors. Therefore, it is not a component of the yield capitalization method, making it the correct answer to the question.